United States company Cleveland Cliffs is looking to wrap up its takeover of iron ore miner Portman Ltd quickly, announcing today it will make on-market purchases at a possible discount to its $21.50 cash offer.
Portman Ltd said it is assessing its options of its shareholding in Golden West Resources Ltd after a Federal Court judge today ruled against the validity of its proxy forms lodged for last week's extraordinary meeting.
Parochial investors who put their money into Western Australian stocks have just experienced their worst year in nearly a decade, judging by the results of WA Business News' annual total shareholder return survey.
Portman Ltd has turned up the heat in its battle with junior iron ore company Golden West Resources Ltd, which has recruited a senior Rio Tinto manager as its new chief executive one day after signing a Chinese iron off-take deal.
Golden West Resources Ltd has hit out at major shareholder Portman Ltd over its proposal to change the make-up of the board, saying if it goes ahead, the latter will have effectively taken control of the company without paying a premium.
Nedlands based Portman Ltd has again denied speculation it will bid to takeover Golden West Resources Ltd, despite applying for approval to increase its interest in Golden West from 14.9 to 19.9 per cent.